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Half Yearly Report and Accounts

Document date:  Wed 27 May 1998
Published:  Wed 27 May 1998 00:00:00
Document No:  137675
Document part:  C
Market Flag:  Y
Classification: 

HOMEX - Melbourne                                                     

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HIGHLIGHTS(1)

* Operating profit pre-abnormals $625 million; up 8% on first half
and 6% on second half of last year

* Operating profit after abnormals $625 million; up 14% on first half
and 32% on second half of last year

* Return on equity 17.1%

* Cost to income ratio at 59.9%. down 3.2% on 1997 full year

* Economic loss provision charge covers net specific provisions
(including Asia)

* Interim dividend 24 cents per share, up 9% (franked at 60%,
previously 100%)

(1) Prior period data restated for changes in accounting policies and
measurement approach (refer pages 30 and 41)


more to follow                                                                                                                                                                                        1